The bill amends the Michigan Education Savings Program Act by updating the definitions and terms used within the act. Key insertions include clarifying the definition of "qualified higher education expenses" to encompass expenses for tuition at elementary and secondary schools, in addition to those already covered under the Internal Revenue Code. The bill also specifies that "qualified higher education expenses" now includes expenses related to apprenticeship programs and qualified education loans, thereby broadening the scope of what can be covered by education savings accounts.

Additionally, the bill introduces new language regarding the roles of account owners and program managers, as well as the conditions under which qualified withdrawals can be made from education savings accounts. The changes aim to enhance the flexibility and utility of the Michigan education savings program, making it more accessible for families seeking to save for various educational expenses. Overall, the amendments reflect a commitment to supporting educational opportunities for Michigan residents.

Statutes affected:
Senate Introduced Bill: 390.1472